JBS to pay $1.5bn for Northern Ireland-based Moy Park
The world’s largest meat packer, JBS SA, has agreed to pay about $1.5bn (€1.327bn or £945m) for Europe’s largest poultry processor, Northern Ireland (NI) based Moy Park.
The company, which is the largest private sector employer in NI, has a headquarters in Craigavon, and employs 12,000 people across sites in Ireland, Britain and mainland Europe. It was sold to Brazilian processing giant, Marfrig in 2008.
In 2013 Moy Park took over the responsibility for the entire Marfrig business in Europe, diversifying its product portfolio beyond chicken and into other meats. During a period when Marfrig has been under financial strain, Moy Park has continued to show growth, with turnover of £1.4bn (€1.9bn) in 2014.
As part of the deal with JBS, Marfrig will receive $1.19bn in cash, with JBS taking on Moy Park's debt, which currently totals £200m (€277m). The deal is expected to be concluded by the end of 2015.
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The majority of Moy Park’s 800 farmer suppliers of poultry are in Northern Ireland.
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Title: JBS to pay $1.5bn for Northern Ireland-based Moy Park
The world’s largest meat packer, JBS SA, has agreed to pay about $1.5bn (€1.327bn or £945m) for Europe’s largest poultry processor, Northern Ireland (NI) based Moy Park.
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The company, which is the largest private sector employer in NI, has a headquarters in Craigavon, and employs 12,000 people across sites in Ireland, Britain and mainland Europe. It was sold to Brazilian processing giant, Marfrig in 2008.
In 2013 Moy Park took over the responsibility for the entire Marfrig business in Europe, diversifying its product portfolio beyond chicken and into other meats. During a period when Marfrig has been under financial strain, Moy Park has continued to show growth, with turnover of £1.4bn (€1.9bn) in 2014.
As part of the deal with JBS, Marfrig will receive $1.19bn in cash, with JBS taking on Moy Park's debt, which currently totals £200m (€277m). The deal is expected to be concluded by the end of 2015.
The majority of Moy Park’s 800 farmer suppliers of poultry are in Northern Ireland.
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